Biden’s Infrastructure Plan Will Bring A Showdown Over Taxes

DM

President Joe Biden is proposing a multitrillion-dollar infrastructure plan that would increase taxes on corporations to pay for roads, bridges and investments focused on mitigating climate change. The infrastructure bill’s tax provisions will be Democrats’ first full-scale legislative attack on a Republican tax law they’ve reviled since 2017. But Biden’s corporate tax proposals unveiled Wednesday represent just a fraction of the various tax hikes Democrats have talked about adding to the infrastructure bill. And there’s even a faction of moderates pushing a tax cut for some wealthy households as part of the package. In other words, Democrats are going to have a big family conversation about taxes. It might even get ugly. The White House on Wednesday outlined a Made in America Tax Plan to accompany the first part of the president’s infrastructure proposal, offsetting $2 trillion in spending over 15 years. The plan includes a host of corporate tax changes, mostly modifying elements of the Tax Cuts and Jobs Act that Republicans passed in 2017.

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